US Overtakes China as India's Top Trading Partner in 2024

The US has emerged as India's top trading partner from January to June 2024, according to GTRI, with trade growing to USD 62.5 billion. Meanwhile, India recorded its highest trade deficit with China at USD 41.6 billion. Exports to the US increased by 10.5%, while imports from China grew by 8.8%.

According to the Global Trade Research Initiative (GTRI), the United States surpassed China as India's foremost trading partner during the first half of 2024. This period saw US-India trade climb to USD 62.5 billion, a 5.3% increase from the same timeframe in 2023.

India recorded its highest trade deficit with China, reaching USD 41.6 billion, as exports to China were USD 8.5 billion, while imports surged to USD 50.1 billion. Meanwhile, exports to the US rose from USD 37.7 billion in January-June 2023 to USD 41.6 billion in the same period of 2024, marking a 10.5% growth.

Additionally, India's total foreign trade, encompassing both merchandise and services, attained a record USD 849 billion in the first half of 2024, up 5.8% from the same period in 2023. Imports from China led the increase in total trade, with industrial products dominating both exports and imports.

(With inputs from agencies.)